If you do not know what Bitcoin Standard is, this article is for you. Today we will talk about Definition of Bitcoin Standard (Profit, People and Passion). So let’s find out by reading the article below.
Definition of Bitcoin Standard (Profit, People and Passion)
Since August 2020, when the price of Bitcoin below $20,000, the group has been operating on Bitcoin standards, with any profits it makes being diverted into BTC.
Tahini's Twitter account has since argued that bitcoin is the "most Islamic" thing Muslims can do with their wealth, and that the group promotes sound money to its clients. It's even become a niche bear meme, with Michael Saylor saying he might apply to work the night shift at Tahini's during the January price adjustment.
Co-Founder and Chief Marketing Officer of Tahini's, learn the why, how, and unintended consequences of operating on the Bitcoin standard. Hamam is a driving force behind the adoption of Bitcoin on blockchain in the Middle East. Hamam first learned about Bitcoin in 2016 or 2017, but dissuaded by negative press, dismissed the innovation as a Ponzi scheme or “rat poison.” The COVID-19 pandemic and its impact on the real world prompted Hamam's Bitcoin lightbulb moment.
Inspired by the writings of Bitcoin influencer and entrepreneur Robert Breedlove, he hit upon the idea of a sound currency in the form of BTC. Hamam said he and his company needed to find a better way to store value. "Money will be worthless," he said. Hamam was mesmerized. He went all out, gobbling up Bitcoin-centric books, podcasts, and in some cases, staying up while teaching himself, and sinking deeper and deeper down the rabbit hole.
Armed with his newfound knowledge, Hamam met with his business partners at Tahini's to pitch the idea of running the business on the Bitcoin standard. The argument behind having a "Bitcoin Standard" (a term popularized by Saifedean Ammous, author of the book of the same name, "The Bitcoin Standard") is that not only is Bitcoin a better reserve currency than the U.S. dollar, it is actually a superior currency. Therefore, businesses should carve out a route to profit from Bitcoin. For Tahini's, that means about six months of working capital on hand.
For skeptics, Hamam said: "We always try to manage it in such a way that we never have to sell any bitcoin. That's the key part." Hamam claims that while he gifted BTC to family and friends, But he never sold.
Tahini's is trying to build the infrastructure needed to accept bitcoin as a form of payment, but the process has been fraught with challenges not because of regulation or payment processors, but because the franchise wants to hold the bitcoin it accepts. “Even if you’re going to accept bitcoin, do it in such a way that you never have to sell it,” Hamam explained.
The inevitable hype that comes with jumping on the "bitcoin accepted here" bandwagon is attractive, Hamam said, but "if you sell it as soon as you receive it, then you're not really getting the bitcoins." coins, in my opinion.”
Hamam mentioned that the Strike Lightning Network integration is an attractive proposition because it would eliminate the high fees charged by Mastercard, but it is still "pretty early" to explore payment options while growing the business is a priority.
Ultimately, in advanced economies like Canada, where trust in institutions is relatively high, Bitcoin is primarily a savings vehicle. Likewise, Tahini's is not currently exploring paying salaries in BTC because the franchise does not want to force the cryptocurrency on employees. But that didn’t stop Hamam from convincing Canadian Conservative Party leadership candidate Pierre Poilievre to buy shawarma with Bitcoin on the Lightning Network, as Hamam “filled him with orange pills.” It was Tahini’s first bitcoin transaction, conducted by an increasingly pro-bitcoin politician.
On a personal level, Hamam and the more devout Bitcoiners on the management team ask questions like, “Have you heard of Bitcoin?” Should consider investing a few dollars in a bitcoin retirement plan.” Inevitably, orange pilling was more successful when prices plummeted. It's more challenging if the price goes down. For example, some of Hamam’s management team “freaked out a little bit” when China cracked down on cryptocurrencies. In fact, the 300% gains that Cointelegraph reported earlier this year have started to fade away.
Hamam said his conviction was enough to steer the helm and calm the nerves of his colleagues. Running a restaurant on Bitcoin standards comes with a fanatic side. While Hamam sings the praises of the premier cryptocurrency, there is a group of passionate BTC enthusiasts who supported Tahini's investment decision and continue to support it. However, Hamam said the Bitcoin community has not directly impacted sales, as it remains a small, albeit loud, global community.
Still, the business has held steady through 2021's market turmoil, with plans to expand to more than 25 franchises in 2022. Hamam is determined to put profits into Bitcoin — even in the face of a turbulent economic backdrop
I hope now you will now know Definition of Bitcoin Standard (Profit, People and Passion). Still, even then, Bitcoin has the potential to provide us with a new sound monetary policy framework, ushering in a new era of economic stability, as we have done in the past.
